LIC Jeevan Akshay VII Plan
Overview:
LIC Jeevan Akshay VII is an immediate annuity plan offered by the Life Insurance Corporation of India (LIC). It is designed to provide a steady stream of income to the policyholder during their retirement years, ensuring financial stability and peace of mind.
Key Features:
Immediate Annuity: The plan provides an immediate annuity, which means that annuity payments start right after the policy is purchased.
Single Premium: Policyholders need to make a lump sum payment (single premium) to purchase the policy. The premium amount depends on various factors such as the age of the annuitant, chosen annuity option, and payout frequency.
Annuity Options: LIC Jeevan Akshay VII offers several annuity options to suit the diverse income needs and preferences of policyholders. Some of the common options include:
Annuity for Life
Joint Life Annuity
Annuity with Return of Purchase Price
Increasing Annuity
Joint Life Annuity with Return of Purchase Price, etc.
Payout Frequency: Policyholders have the flexibility to choose the frequency of annuity payouts based on their preferences. Options typically include monthly, quarterly, half-yearly, or annual payouts.
Lifetime Income: The plan provides a guaranteed regular income for the entire lifetime of the annuitant, ensuring financial security during retirement years, regardless of market fluctuations.
No Medical Examination: LIC Jeevan Akshay VII usually does not require a medical examination for policy issuance, making it convenient for individuals to purchase the policy.
Surrender Value: As it is an immediate annuity plan, there is generally no surrender value available. Once purchased, the policy cannot be surrendered or terminated.
Tax Benefits: Premiums paid for LIC Jeevan Akshay VII may be eligible for tax benefits under Section 80CCC of the Income Tax Act, 1961, subject to prevailing tax laws.
Death Benefit: Depending on the annuity option chosen, there may be provisions for a death benefit payable to the nominee, such as a return of purchase price or continuation of annuity to the spouse.